OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's sputtering role as the world's demand growth engine.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

Oil prices continued its steady move higher on Wednesday, up around 1.27% at the time of writing. This is a slight surprise given that OPEC downgraded its 2024 and 2025 forecasts.

OPEC cut its forecasts for oil demand growth this year and next on Wednesday, highlighting weakness in China, India and other regions in the producer group's fifth consecutive downward revision. The weaker outlook highlights the challenge facing OPEC+,

It was barely half a year ago when the member countries of the OPEC+ oil cartel announced plans to unwind deep cuts in production and exports beginning October 1.

Oil prices were up about 1% on Wednesday having pared gains after producers group OPEC cut its forecasts for demand growth in 2024 and 2025. OPEC in its monthly reports has lowered its outlook five consecutive times.

The Vienna-based cartel cut its forecast for oil-demand growth for the fifth consecutive month after further postponing plans to increase output amid softer prices and market concerns over weaker global consumption.

Oil futures climbed Wednesday after the U.S. Energy Information Administration reported a third straight weekly decline in domestic crude inventories. Prices were also s